Cognitive Approach Essay

Abstract: There are pros and cons to everything in life. Because I just started my education program, I was interested in researching the positive and negatives effects of an inclusion classroom. I wondered, what exactly were the positive effects this type of setting had on its special education population? I have always felt, in my opinion, that inclusion classrooms are helpful in numerous ways, but now it was time to see if research agreed. History and Background: In the past special education students were separated from general education students. â€Å"At the federal level, the recent No Child Left Behind Act (2001) and the current and previous versions of the Individuals with Disabilities Education Act (1997, 2004) require access to the general education curriculum for students with disabilities† (Berry, 2006, p.490). Methodology: An inclusion classroom, also known as a CTT or Collaborative Team Teaching classroom, is a classroom that has both a general education population, as well as special education population, combined together. This special education population consists of children with mild to moderate disabilities, including physical, emotional, and learning. According to Berry (2006) â€Å"inclusion may be defined as 100% placement in age-appropriate general education or as a range of learning opportunities both within and outside the general education classroom† (p.490). A teacher can evaluate different perceptions based on how the students communicate with each other. Results: Berry (2006) found that students with disabilities often have difficulty not only academically, but socially. Placing these students in an inclusion classroom, as opposed to the smaller setting of years ago, helps students to benefit enormously. Depriving disabled children from participating in an inclusive classroom setting, â€Å"may underestimate the extent to which these students might benefit from social interactions and, at the most, deprive them of critical opportunities for learning and participation that can lead to autonomy and empowerment in classroom interactions† (Berry, 2006, p.492). Discussion: Inclusion classrooms have two teachers, one that specialized in special education, while the other focuses on general education. While the classroom functions as any other classroom would, incorporating whole, group, and individualized instruction, the smaller classroom setting and extra adults in the room to be quite helpful in helping those students who were struggling. The teachers make sure to use varied teaching techniques  and made sure to accommodate many different learning styles in their lessons. Howard Gardner, an educational theorist, believed in the idea of â€Å"multiple intelligences.† Gardner believed every child learned differently. According to Berry (2006) it is important for the teachers to learn how their students learn best in order for them to achieve their fullest potential. The teacher also observes how students interact with one another. Bias/Limitations: It has said that inclusion classrooms can hold back a general education student from progressing at a steady pace; when students were paired with other struggling students. I also found the combination of students of all different academic levels to play a positive role. While the â€Å"higher† student helped the â€Å"weaker† student academically, both learned social skills. Conclusion: Berry also discusses how language is a useful tool in an inclusion classroom. Berry discusses how reciprocal teaching is often used in these types of classrooms. Reciprocal teaching is a strategy in which the teacher uses â€Å"talk† to make her ideas clear. This â€Å"talk† is often focused around comprehension skills such as predicting, questioning, summarizing and clarifying (Berry, 2006). Why article was selected: The education system has come a long way since before the No Child Left Behind Act. In the past, any child with â€Å"special needs† was placed on the fourth floor of the building, out of sight. When the general education students saw any of the children with special needs, it was only at lunch, and they were easily identified because they were kept in small groups away from the other children. Today, inclusion has made it possible for many of children to interact and learn in the same environment as their peers. They are being treated as equals, rather than being hidden away in a corner. Reference: Berry, R. (2006). Inclusion, power and community: Teachers and students interpret the language of community in an inclusion classroom. American Educational Research Journal 43(3).

Modernism Versus Postmodernism

Modernism vs. Postmodernism Post-modernism follows and shares many of the same ideas as modernism. Though, at the same time, they differ in many ways. These distinctions can be seen in the two works of literature, â€Å"Death of a Salesman† by Arthur Miller and â€Å"Glengarry Glen Ross† by David Mamet. â€Å"Death of a Salesman† represents the modernist literature. Modernism is a style of literature that came about after World War I in Europe. It emerged in the United States in the late 1920s. Modernism was the response to the commotion, which occurred during World War I.The narrator in the play is limited and omniscient; he or she observes the thoughts and actions of Willy, Biff, and other central characters in the story, a type of narration that was new to literature. Instead of writing literature objectively, many authors started to use a subjective writing style. Miller captures this in the character of Willy. The readers are able to see the world through th e eyes of this one character and what is going on inside of his head in many instances such as when he imagines seeing his brother and says â€Å"Ben, I’ve go to talk to you. †The idea of rejection of tradition but trying to find answers is one of the central themes throughout the play. The setting is captured around the American Dream. Willy, like the rest of men around him, only wish to have a perfect job to provide for a perfect family in a perfect home. Though, Willy’s job, family, and home are nowhere near perfect. Throughout the story, Willy struggles to live up to this materialistic society but is unable to and this is what leads to his downfall. Throughout the story he is looking for an answer, and he believes the answer is if he dies, his son, Biff, will be successful and rich.This leads to Willie’s death. Miller also shows the clear distinction between high and low popular culture. High culture, being the elite, and low culture, being the oneâ⠂¬â„¢s less well off. It is evident there are people who are better off than others in the play. Charlie is very well off and so is his son. Throughout the story, Willy collects money from him in order to support his family. He also tells him, â€Å"I offered you a job. You can make fifty dollars a week. And I won’t send you on the road† (Miller 96). There is a difference between Charlie and Willy’s well being, in that Charlie is able to provide jobs and Willy does not have a job.Modernism embraces the idea of a high culture. This is clearly evident because Willy is striving to become part of it. The idea of a low brawl is also evident, in which money is beauty. Because this play is subjective, and we see it through Willy’s eyes, money representing beauty and priority becomes a central idea throughout the play. In the play, it becomes evident that Willy does not know himself. Willy dies because of his inability to be happy and to be happy would mean he wo uld to know himself. Death of a Salesman also has a very ambiguous ending, which is another characteristic of modernist writing.It is left for the readers to identify and interpret that Willy has died and that not many people showed up to his funeral because he was not a well-liked person, even though he said he was. â€Å"Glengarry Glen Ross† represents postmodernism literature. Postmodernism emerged during the late years of WWII and started to appear more during the mid 1980s. Instead of having a grand narrative, postmodernism has many narratives. Post-modernists ideas had a large affect on economy, politics, and the way people. These aspects can be seen in the play through the idea of capitalism and consumption.In â€Å"Glengarry Glen Ross,† the idea of consumption is wrong, which is contrary to â€Å"Death of a Salesman. † The want to make money leads to stealing, with Shelley breaking into the office and later becoming arrested for it. In the play, it is se en that money drives people to do crazy things and only leads to their downfall. Postmodernism proves to embrace the low culture, where the idea of elite, power, and money is not as important. Trying to make meaning becomes impossible and repressive and millions die in desire to create a great collective. Postmodernism is more accepting in regards to chaos.The idea of being okay in a world where there are no universal truths had become accepted. This can be seen in the play, because no characters are represented as true. They are living in a false world. This false world is made up of a false business with false leads and false people trying to sell them. When Shelly steals the leads, he is not doing anything different, because the leads are non-existent, imaginary properties that he stole to steal the money of other people, so in reality he is not stealing something of value and can relate to the rest of the characters.With this example, it is also seen that sympathy flows around. Mamet allows reader’s to like and relate to Shelley in some instances, like when he needs the money for his daughter, but at the same time Marnet allows us to dislike Shelley at some instances, because of his lying, scamming, and stealing. Our sympathy moves for different characters at different moments throughout the play, not only Shelley.

Importance of Greek Burial

The Importance of Burial in Greek Religion For the most part, the Greeks did not believe in a different afterlife for the good or bad—i. e. , no heaven or hell. In their view, the afterlife was almost universally grim; the important detail for the dead was whether they were buried or unburied. Those who did not receive proper funeral rites were doomed to wander by the river Styx, the entrance to the Underworld, for eternity; their souls could never be at rest.Thus, denying burial to a corpse not only insulted the body, but also damned his soul for all time. The buried were granted access to Hades, the name of both the Underworld and its king (who was also known as Pluto). In order for the dead to gain this access, a complicated ritual had to be performed. There were few ‘professional' undertakers, so a man's funeral fell to his family, especially the women of the family.They prepared the body for cremation, oversaw the collection of the bones and ashes and burial of the urn, provided the tomb with liquid offerings (libations), and led the mourning, a loud and violent process in which women tore their cheeks with their fingernails, ripped out their hair, and poured dirt over the heads and clothing. Mourning the dead was one of the few things women were allowed to do in ancient Greece, especially Athens. Women of well-born families were expected to stay at home in specially designated women's quarters at all times except during certain religions festivals.Marriages were arranged by a girl's father or guardian. Women were not true citizens of the democracy and could not speak or vote in the assembly. They were not even allowed to speak in court, a basic right for Athenian men. Burying and mourning their dead relatives gave women an opportunity to do something important for their families. It brought women to the fore and gave them a role to play. When Creon forbids burial of Polynices, he denies Antigone the chance to do one of the few important thing s society allowed women to do. Thus, he is attacking her identity, and that is a large part of the reason she opposes his orders.

Orientalism after World War Essay Example | Topics and Well Written Essays - 500 words - 23

Orientalism after World War - Essay Example The principle of orientalism that is focused to in this aspect mainly deals not specifically with orientalism and orient but mainly with the inner constancy of orientalism and the ideas that are about Orient. There are three aspects of contemporary reality that are brought out with the focus. The first aspect is on the distinction between our political knowledge. The formal designation in this aspect is that a humanist title is that which indicates the humanities in the field but not with anything political in the field. When orientalism is considered in this aspect, it is a cultural issue but not a political issue (Macfie, 109). Orient follows certain distinct and intellectual knowledgeable lines. Therefore, orientalism can be considered not a mere political matter that is reflected passive by scholarship or culture or institutions nor is it a representative and sensitive of some evil scheme to hold on the oriental world. It is the distribution of geographical awareness into economic, aesthetic, sociological and philological texts (Macfie, 198). It is considered an elaboration of basic geographical concepts and all the interests in the field. The book brings out different poems in the period between 1848 and 1984. The first poem of the book is on Adios Carnage. The poem brings out the misinterpretation of the speeches, words and looks that is between the person and the neighbor that he passes sweeping and talks to. The mood of the poem is that which shows sympathy. The second poem is on the rapture of the deep. The poem talks about the deep secrets that the persona had with the knowledge that there was none who was able to know but only him. The situation turns as he is exposed to all the thought to anyone. The mood in which the persona speaks is that of sorrow as he is not happy on the secrets that were exposed. His third poem in the collection is Shabine leaves the city. It talks about the  actions of the aliens after there was colonization in the countries.  

Bonus assignment #1 Case Study Example | Topics and Well Written Essays - 250 words

Bonus assignment #1 - Case Study Example The CEO is Joseph W. Luter, III while the Board chair is Wendell H. Murphy. The Board structure of Smithfield is of the norm since the company is legally instituted. The director depending on whether they are employees or not are subjected to fees and shareholding respectively (Smithfield Corporation, 2012). Directors’ interest can be aligned to that of shareholders by making them one of the shareholders. The company has not a nomination committee (Smithfield Corporation, 2012) and I think shareholders hence vote the directors the independence of the process, which is guided by law. The audit committee is composed of Audit Committee is comprised of Messrs. Faison and Murphy, it is independent and it held a meeting once which is satisfactory. Greenberg joined the board in 1987 while Richard Holland is a manager and Banker by profession. The firm held nine annual boards meetings all of them attending at least 75% as required. Stock ownership of Smithfield by other shareholder stands at 55.7% leaving the rest for the CEO who is therefore the majority shareholder hence in direct control. The other directors holding more than 5% shareholding are passive to the business operations while exercising control through their major vote. Though the company exercises professional management, its governance structure is that which exercises control from the top (Smithfield Corporation, 2012). The leadership has tried to modify this depending on the environment of operation making the company survive despite fierce competition in its

Early Formation of Our Government The United States of America Essay

Early Formation of Our Government The United States of America - Essay Example The other was the belief in covenants. Puritans believed that covenants existed not only between God and man, but also between man and man. The Pilgrims had used covenants in establishing their congregations in the Old World. The Mayflower Compact is such a covenant in that the settlers agreed to form a government and be bound by its rules. X: A new tax was imposed on all the American colonists in 1765, which is known as the stamp act. This act states that all the American colonists should pay a tax on every piece of printed paper. The reason of the tax is to defend and protect the American frontier near the Appalachian Mountains, where 10, 000 troops were stationed to accomplish the task. "The actual cost of the Stamp Act was relatively small. What made the law so offensive to the colonists was not so much its immediate cost but the standard it seemed to set. In the past, taxes and duties on colonial trade had always been viewed as measures to regulate commerce, not to raise money". X: Yep, July 4, 1776 was the day when the unanimous declaration of the thirteen United States of America was passed. It is also considered the Independence day of America. The struggle which was started in the start of the eighteenth century was come to the end at a positive note. In a nutshell, Americans did a lot to get the independence from the colonists, who were not loyal to the people of North

Discussion Board Assignment Example | Topics and Well Written Essays - 500 words

Discussion Board - Assignment Example This highlights the importance of several types of task analysis such as procedural analysis and concept analysis. Procedural analysis, as the name connotes, is a type of task analysis that focuses on procedures. It is "used to identify the sequential steps for completing a psychomotor or cognitive task (Luppicini, 78)." The nature of this method makes it appropriate in identifying the contents that causes problems, hence, the information necessary in solving them as well. For example, an analysis is broken down into several steps, the first being deconstructing a task being examined into several units. Structures are then determined using tools such as those performance-related matrices. Based on these structures, an evaluation can finally be performed. This demonstrates that, as with the traditional task analysis, procedural analysis is focused on the sequential approach in completing its analytical objectives. On the other hand, concept analysis is a type of cognitive task analysis that is used to represent the structure of an experts thinking (Jonassen, Tessmer and Hannum, 201). It sequences concept characteristics that relate to the concept or concept hierarchy (Olrich et al., p.143). These mean that this particular tool is particularly appropriate in analyzing tasks that are knowledge-based. This characteristic should differentiate it from the manner by which procedural analysis works. It operates through several approaches such as conceptual graphs or concept maps. By articulating knowledge through a systematic visual structure, relationships, issues, questions, problems, and new information, among others are revealed. For instance, a conceptual graph depicts these through nodes that include actions, events, and goals, wherein a specific set of relations exists for a specific type of node (Jonassen, Tessmer and Hannum, 201). Concept analysis can also

Ethics Essay Example | Topics and Well Written Essays - 500 words - 17

Ethics - Essay Example Severance packages or early retirement options as a method of reducing payroll costs can have severe consequences on the organization, especially in terms of motivation to work to business expectations. Even though the package was tempting to the exiting employee and they decided to take it, there are members of the organization who have worked with these exiting colleagues each and every workday. Socialization is bound to be impacted, in relation to the employees’ sense of belonging in the organization, creating difficulty in adjustment for the remaining workers. The HR manager is often the person who develops and offers these early retirement plans, under pressure at the highest levels, and they must also balance their regular job role as the employee champion responsible for issues of motivation and performance. Sudden drops in employee volume, due to the need to cut payroll costs, can over-burden the workers with consolidated jobs roles and create rifts where positive soci alization used to exist. â€Å"Layoffs can send shock waves through a local economy when a company that downsizes is large and when several firms choose to downsize at the same time, in the same region† (Piturro, 1999, p.39). These shock waves can be measured by the higher levels of unemployment in the local area, along with less-quality consumer lifestyles caused by income reductions, as well as loss of commerce at multiple levels, consumer and business-to-business. Early retirement packages are attempts at avoiding situations where local economies suffer, where employees are given incentives to take the option (as far as satisfying their emotional needs), and to improve the company’s bottom line. This is a major benefit, rather than the disadvantages which were discussed earlier, because it reduces the shock waves which often occur when

TE Lawrence Fundamentals Of An Insurgency Essay Example | Topics and Well Written Essays - 500 words

TE Lawrence Fundamentals Of An Insurgency - Essay Example Those who went against the orders were either beaten or shot to death. The Taliban rule gained global condemnation for its laws or policies. Only Pakistan, United Arabs Emirates, and Saudi Arabia recognized it as legitimate. However, after the 11 September 2001 terrorist attack in the U.S, the UAE, and Saudi Arabia cut friendly and diplomatic ties with the group claiming that it was dangerous and a threat to regional and international security. In response, the U.S urged the Taliban to turn over Al-qaeda leader Osama Bin Laden but they refused. This prompted the U.S and other Western nations to start bombing Afghanistan and endorsing the Northern Alliance (Rashid, 2011). In the end, Hamid Karzai was declared as a temporary leader of the Afghan government. This signaled the end of the Taliban insurgency in Afghanistan but the group seems to be reorganizing despite most of its radical and lethal leaders being killed or imprisoned. In order to understand the activities and nature of the Taliban guerilla movement, it is vital to analyze it based on T.E Lawrence six’s fundamentals of insurgency. T.E Lawrence asserts that few words can be used to describe insurgents in context with legal armies. T.E Lawrence described six fundamental principles of insurgency. With regard to the Taliban group that operates in Afghanistan, one of the principles of insurgency described is that the group is an intricate and sophisticated enemy, which makes it hard for conventional armies of the Afghanistan government to handle. Secondly, the Taliban guerilla movement has unassailable base in that it is difficult to understand how they operate and organize themselves. Thirdly, Lawrence states that the movement must have less number of fighters, which makes it unable to occupy the disputed territory, as it is the case with the Taliban group. Fourthly, the group in this case, the Taliban has a passive support of the afghan population who does not

Correlational Methods (M5C) Essay Example | Topics and Well Written Essays - 500 words

Correlational Methods (M5C) - Essay Example The study found minimal, though barely statistically significant, influences, but these factors were paradoxical: Working more hours was associated with some cognitive development and academic scores before 9 and 7, respectively, but failed to have an effect afterwards and did not have any effect on behavior problems, compliance or self-esteem. The study also included that early parent employment was beneficial for single mothers or lower-income families due to raised income. Though not strictly a confounding variable, it is important to note that the study assumes the factual world where these women were employed. While the study compares to similar mothers who aren't employed, the assumption is problematic. Might employment have been the best possible option for these mothers? It is wholly possible that, in a counter-factual world where these particular women weren't working, their children's outcomes would have been the same or worse. One possible confounding variable might be agi ng and the school system. It's likely that the fact that negative effects stopped after age 9 has to do not with working or not working but with increased independence at that age in the first place.

WestJet Airlines Ltd. WestJet and Air Canada Term Paper

WestJet Airlines Ltd. WestJet and Air Canada - Term Paper Example It also has a loyalty card and rewards program (WestJet, n.d.). Key Features and Benefits The company renders flight security services with also helping the people book flights, hotels and car rentals from airports online. In terms of special benefits the company renders special privileges for persons relating to special categories and also pertaining to the maternity category (WestJet, n.d.). WestJet in competition to Air Canada has introduced ‘premium economy’ seats to help the consumers enjoy an extra leg space that would be made available in the first four rows of the airlines. Though the booking of the ‘premium economy’ seats would tend to charge more from the consumers yet a comparison drawn reflects that the charge is half than charged by other premium airlines in the course of rendering boarding and on-flight amenities to its passengers. This premium seating model of the company helps WestJet to continue with its low cost position (Hasselt, 2012). We stJet’s Product Life Cycle The Product Life Cycle curve for a company has four stages like Introductory, Growth, Maturity and Decline. WestJet reflects a growth in terms of market revenues and passenger traffic along the periods ranging from 2007 to 2011 from $2127 to $3072 million and from 14,545 to 21,186 million respectively. Thus WestJet falls in the Growth stage (WestJet, 2011, p.6). Products Rendered by WestJet and Consumer Needs WestJet renders online booking of flight, hotel and other hospitality services for both business and corporate passengers along with vacationers. Along with insurance and security benefits the company also renders an extensive reward program catered to meet the needs of loyal consumers (WestJet, 2011, p.10-14). Passengers through the above services can book their flights and hotels associated with the airline company in an online fashion that helps in making their tour more comfortable. Insurance and security benefits help the passengers retrie ve their expenses related to their vacation and tours in cases of any emergency. Further the loyalty scheme of the airlines company helps the consumers avail special discounts and promotions rendered by WestJet during special occasions. WestJet’s Offerings vs. Its Competitors West Jet’s service offerings in comparison to other flight servicing companies operating in the Canadian landscape like Air Canada and American Airlines gain dominance in being able to provide the best quality of service at highly affordable or economic rates. Moreover the company operating on the basis of hub and spoke model reflects higher interconnectivity than its competitors (Grant, et al., n.d.). When, How and by Whom are the services of WestJet Procured Flight touring services and amenities rendered by WestJet are procured by people in times of deciding on vacations and also while planning to take short business tours. Services and amenities rendered by WestJet relating to booking of flight s, hotels, car rental services along with travel insurance benefits can be availed by the consumers through the help of online portals. The consumer or passenger traffic in WestJet consists thus of passengers that are frequent vacationers or are tending to visit places relating to their business and professional needs (WestJet, 2010, p.9; Lamb, 2011, p.571). Market Segments of WestJet WestJet mainly focuses on being a low-cost carrier rendering services to economy class passengers. Moreover the airlines company also caters to the needs of consumer segments through the transportation of cargo commodities on board (Aylen, 2012, p.250). Consumer or market segmentation of WestJet can be made in terms of Leisure Class Passengers that tend to avail flights for tour or vacation

Parenting styles Essay Example for Free

Parenting styles Essay Child development has been a topic of interest of most developmental psychologists, especially in terms of the relationship between a parent and a child (Eisenberg et al. , 2009). There has been considerable effort in establishing a cause-and-effect relationship between a particular approach that a parent employs and the resulting behavior in a child. Unfortunately, the precise connection has been quite elusive, as there are yet a number of factors that could influence the impact of a parental action towards a child. There are also other external factors that may modify the impact of a specific parental action, thus generating a modified response in a child (Jackson et al. , 2008). Another complicating factor to consider in this type of analysis is the observation that children show varied responses to a specific parental approach despite the utmost similarity in the characteristics of the child’s immediate environment. There are also twin studies that depict variations in the personalities of children despite their growth and development in the same location. One widely recognized association between parenting styles and the impact on children is that established by Baumrind (1967). In her study involving approximately 100 children who were at their pre-school age, four dimensions were identified to be strongly associated with parenting. Among these were the type of strategy that was employed in instilling discipline in a child, the degree and method of providing care and warmth to a child, the mode of communicating to a child and the amount of maturity of a parent towards his child. These dimensions could thus characterize a specific parenting style, of which could be easily identifiable among parents. This essay will present the four parenting styles that were described by Baumrind (1967), as well as analyze the impact of each style on the general well being of the child. The four styles of parenting according to Baumrind (1967) The term parenting pertains to a complex action that is strongly associated with a particular behavior that influences a child’s growth and development. Parenting can thus become a positive or a negative factor on how a child with turn out. It should be understood that parenting is a complex behavior because it is often difficult to directly associate one behavior to a specific outcome in a child. For example, the physical infliction of punishment, such as spanking, does not automatically result in the creation of a juvenile delinquent. Moreover, reading a story to a child does not directly indicate that the child will turn out to be a well-disciplined young individual. The combination of all activities of a parent in relation to a child thus comprises the holistic concept of parenting. The main mechanism behind the adaptation of a parenting style by a parent is to control, as well as to teach their child to interact with other individuals. There are two general points that need to be understood with regards to the concept of parenting. Firstly, a parenting style may have variations that would create a unique and personal touch for each parent. In addition to the personal style of every parent, it is also common to observed parenting styles that have hints of cultural, religious and ethnic characteristics. For example, Asian parents are usually more protective of their children than parents from Western countries. It is therefore common to see families that are comprised of three generations living under one roof. A Catholic parent may also have slight differences in their parenting style, as this would include teachings of regularly going to church and in more conservative Catholics, recognizing days of fasting and abstinence. A parenting style may also be slightly modified based on the gender of the parent, wherein a male parent may perform such action using a masculine approach and a female parent would employ a feminine style. Another general point regarding the concept of parenting is that despite the variations in the approaches and styles that parents assume over their children, the main goal of parenting is still focused on the subject of control. Children, especially during their formative years, are highly malleable to external factors and thus every parent attempts to teach their children of the proper ways of going about regular activities in life. Since children are too young and immature to understand the principles and facts of life, parents thus take responsibility of teaching their children and in most instances neglect to explain every situation that comes by their children’s way. The simplest and effective method for a parent to prevent their children from experiencing any harm is to provide rules that would ultimately control their actions towards getting into trouble. Parenting is also related to two essential elements, namely responsiveness and capacity to demand. Parental responsiveness pertains to the degree to which a parent supports individuality and assertion on the part of the child. This element thus allows a child to perform actions that he wants to engage in, as long as these are still acceptable and proper. On the other hand, a parent’s capacity to demand pertains to the claim made on a child in order for this young individual to be integrated into the family. In addition, a parent’s level of demand is also associated with a parent being capable of confronting a child when he disobeys the established rules of the family. Authoritarian style of parenting. This parental approach is generally characterized by establishing rules in the household, of which the children are expected to follow. In any case that these rules are not followed, the parent then imposes a punishment on the child. One unique feature of this parenting style is that most parents do not provide any opportunity to explain to their children when a certain rule has been established in the home (Williams et al. , 2009). The child, on the other end, is thus unaware of the principle behind each rule, yet he would follow the rules in order to avoid getting any punishment from his parent. A strong correlation with the authoritarian style is the quality of having high standards, as well as great expectations on the part of the parent. It is quite unfortunate to see that despite the strict rules in the home, an authoritarian parent does not respond to the inquiries of the child. In addition, authoritarian parents are generally focused on the concepts of obedience within the family, as well as maintenance of the status of this social unit. Authoritative approach for parenting. In the authoritative style of parental behavior, the same rules are established in the household. This may be similar to what is observed in the authoritarian style of parenting, yet the authoritative approach also provides some unique features. Firstly, the authoritative style recognizes democracy in the family, wherein the children may express their concern and engage in discussions with their parents about a particular rule. On the part of the parent, there is also some extent of responsiveness towards the children, as the parent permits the opportunity for discussions and possibly, debate with their children. The authoritative approach to parenting also provides a nurturing environment to their children, including instances when the child has broken a rule that was established by the parent. More importantly, the authoritative parent also forgives a child when he is unable to fulfill the expectations that were described to him for delivery. Despite its similarity to the authoritarian approach to parenting wherein there are rules that have been established in the home, the authoritative style involves regular monitoring of the child, thus directing this young individual as he progresses through his childhood. In addition, the authoritative approach also employs clear and distinct rules that would result in an acceptable standard to both the parents and the children themselves. Permissive approach to parenting. Permissive parenting generally involves an indulgent approach to children, wherein only a few expectations are expected of the children. In addition, permissive parents seldom punish their children because there are no rules to follow at home. The parents also do not demand any signs of maturity, as well as self-control, from their children. In terms of comparing the predominant feature in permissive parenting, the parents are described to be more interactive and responsive, than the feature of being demanding of their children. Using this approach, the children thus sense a nurturing effect from their parents, as they are given the opportunity to communicate to their parents. It is also possible that children feel that their permissive parent is more of a friend than a strict parent. The uninvolved style of parenting. The uninvolved parent is often associated with having only a few expectations, as well as a low degree of responsiveness to their children. In this parenting approach, there is seldom any interaction between the parent and the children. However, it should be understood that despite the silence between the two parties, the basic needs of the child are still met, although the parent maintains a detached personality towards the child. There may also be cases wherein the uninvolved parent is unable to care for the child. The effect of various parenting styles on the child Every parenting style is destined to generate a specific impact on the recipient child. However, it should be understood that the total effect of a parenting style on a child could have inter-individual variations because the environment, genetics and other external factors will also contribute to the entire condition of the child. In general, the authoritarian approach to parenting generates children who are obedient. These children are commonly observed to be proficient in most of their activities. However it is also common to find that their children carry a low degree of self-esteem and often describe themselves to be unhappy. Children of authoritarian parents also find difficulty in interacting with other people (Williams et al. , 2009). Children of authoritative parents, on the other hand, are usually happy, as well as highly capable of producing their expected results. In addition, these children often result in successful lives during their adult year. Children of permissive parents are often unhappy, despite the freedom to perform any activity of their choosing. It has been reported that children of permissive parents are more likely to encounter problems due to illegal activities, as well as result in poor academic performance. The uninvolved approach in parenting generally results in the lowest quality of childhood, wherein children have been found to lose any sense of self-control. In addition, children of uninvolved parents often carry a low degree of self-esteem and are usually less competent that other children of the same age range (Eisenberg et al. , 2009). Variations in parenting styles are mainly due to the differences in the cultures and religious principles of parents. There are also other external factors that influence the predominance of a particular parenting style, such as the size and the socioeconomic status of the family (Jackson et al. , 2008). The educational level of the parents is also instrumental in the parenting style that would be adapted by a parent. Another factor to consider in parenting styles is that each parent may adapt a different approach and thus the child generally results in a specific personality that is the resultant effect of two different parenting styles. For example, the father could employ an authoritarian parenting style, while the mother engages in the permissive approach. The child thus adapts a personality and attitude that adjusts to the presence of both parenting styles. Conclusions There are four general parenting approaches that have been described by Baumrind (1967), resulting to distinct outcomes in a child. The authoritarian style is characterized by a strict set of rules, while the authoritative approach shows more lenience in house rules. Permissive parents often lacks monitoring and self-regulation of children, while the uninvolved parent is often distant to children. The variations in the growth and development of a child may be influenced by the parenting style that a parent employs and thus it is important to constantly monitor the progress of a child’s development in terms of the external influences that surround him. References Baumrind, D. (1967). Child-care practices anteceding three patterns of preschool behavior. Genetic Psychology Monographs, 75:43-88. Eisenberg, N. , Chang, L. , Ma, Y. Huang, X. (2009). Relations of parenting style to Chinese childrens effortful control, ego resilience, and maladjustment. Developmental Psychopathology, 21(2):455-477. Jackson, A. P. , Bentler, P. M. Franke, T. M. (2008). Low-wage maternal employment and parenting style. Social Work, 53(3):267-278. Williams, L. R. , Degnan, K. A. , Perez-Edgar, K. E. , Henderson, H. A. , Rubin, K. H. , Pine, D. S. , Steinberg, L. Fox, N. A. (2009). Impact of behavioral inhibition and parenting style on internalizing and externalizing problems from early childhood through adolescence. Journal of Abnormal Child Psychology, 37(8):1063-1075.

Research on Art Therapy Treatment for Schizophrenia

Research on Art Therapy Treatment for Schizophrenia CHAPTER I INTRODUCTION Schizophrenia is a common psychiatric disorder. One to one point five percent of the total population suffers from schizophrenia. The severity of the symptoms and chronic patterns of schizophrenia often causes a high degree of disability. Most of those affected by schizophrenia respond to drug therapy and many are able to lead productive and fulfilling lives. Studies have shown that genetics, neurobiology, environmental, psychological and social factors are important contributory factors of schizophrenia. Some of the recreational activities and medications might cause or worsen symptoms. Researchers in the psychiatric field are now focused on the role of neurobiology, but no single organic cause has been found. Genetic causes could put a person at higher risk for developing schizophrenia and stressful life events could trigger onset of the symptoms. (Sahebarao mahadik, 2008) Schizophrenia is characterized a constellation of distinctive and predictable symptoms. The symptoms that are not commonly associated with the disease are called positive symptoms and negative symptoms. These symptoms will lead to isolation in the patients. Most of them have no insight in to their illness. So they need effective treatment. Complete cure is difficult in case of schizophrenia. So preventive measures and early detection can be focused. The treatment success rate with antipsychotic medications and psychosocial therapies can be high. Early diagnosis intervention in psychosis including promotion of early help-seeking behavior will promote better out come in schizophrenia. The main preventive measures for schizophrenia are decreasing the maternal stress during pregnancy, avoiding x-ray exposure during pregnancy and lowering the level of stress for child while growing up. (Yung AR, 2009). A combination treatment of anti psychotic medication and therapies such as creative art therapy can be used in schizophrenia. One in four people with the illness completely cure within five years. Psychological therapies are the important pathway to treatment. For most patients, symptoms can be decreased and well being can be increased. Creative Art Therapy is especially effective in schizophrenic patients. Art therapies combine the use of art materials with psychotherapeutic techniques that aim to encourage self- expression and promote self-awareness. They appear to be popular with patients and may result in improved mental health; especially reductions in negative and general symptoms of schizophrenia. Which are those least responsive to pharmacological interventions. (Mike j Crawford, 2008). NEED FOR THE STUDY The schizophrenia patients have disturbances in thought and cognitive impairment and one of the most disabling and emotionally devastating illness known to man. Schizophrenia affects up to one in a hundred people at some point and can cause hallucinations, delusions, loss of energy and motivation.Creative psychological interventions such as Creative Art Therapy are widely used in combination with drugs. In world wide 1 to 1.5% population were suffering with schizophrenia. It is often a chronically disabling condition therefore this condition is highly responsible for the population’s morbidity. The incidence rate of schizophrenia is 12-60 in 10000 per year as of 2011, its peak age of onset for men and women are 20-25 and 25-30 respectively. Schizophrenia occurs in all societies regardless of class, colour, religion and culture. (Dr.Robin Murray, 2009). Schizophrenia ranks among the top 3 causes of disability in developed countries worldwide. The main leading cause of mental disability is schizophrenia. The prevalence rate for schizophrenia is 1.1% of the population. It means at any one time 51 million people worldwide suffer from schizophrenia, including 6-12 million people in China, 4.3-8.7 million people in India, 2.2 million people in USA, 285,000 people in Australia, 280,000 people in Canada, 250,000 diagnosed cases in Britan. Rates of schizophrenia are generally similar from country to country about 0.5 to 1% of the population. Another way to express the prevalence of schizophrenia at any given time is the number of individuals affected per 1000 total population. In india,prevalence rate of schizophrenia is 7 per 1000 population. The number of people who will be diagnosed as schizophrenia in a year is about one in 4000. So about 1.5 million people will be diagnosed with schizophrenia in one year, worldwide.(WHO,2012). STATEMENT OF THE PROBLEM A study to assess the effectiveness of Creative Art Therapy on positive and negative symptoms among schizophrenic patients in selected psychiatric hospital, Coimbatore. OBJECTIVES To assess the positive and negative symptoms in experimental and control group. To assess the effectiveness of Creative Art Therapy in experimental group. To compare the effectiveness of Creative Art Therapy between experimental group and control group. To associate the findings with selected demographic and clinical variables. OPERATIONAL DEFINITIONS Effectiveness: It refers to the outcome of creative art therapy in terms of reducing the positive and negative symptoms of schizophrenia. Creative art therapy: Creative art therapy is a form of expressive Psychotherapy that uses art materials which encourages self-expression of patients in the presence of therapist. Schizophrenic patients: Patient who are in the age group between 20-50 years, suffering from schizophrenia with interference of thinking, emotion and perception in their day today life. Positive and negative symptoms: Positive symptoms of schizophrenia are hallucination, delusion, excitement, aggressive behavior and suicidal tendencies. Negative symptoms of schizophrenia are anhedonia, avolition, blunting affect and alogia. ASSUMPTIONS Schizophrenic patients may face difficulties with positive and negative symptoms. Schizophrenic patients may not be aware of Creative Art Therapy. Creative Art Therapy will be helpful in reducing positive and negative symptoms of schizophrenic patients. HYPOTHESIS H1: schizophrenia patients who receive Creative Art herapy will show a significant reduction in positive symptoms than the patients who do not receive it. H2: schizophrenia patients who receive Creative Art Therapy will show a significant reduction in negative symptoms than the patients who do not receive it. LIMITATIONS The study is limited to, Schizophrenic patients admitted in kongunadu Mananala Arakattalai. Methodological limitations such as small sample size and purposive sampling technique. Schizophrenic patients in the age of 20-50 years. PROJECTED OUTCOMES The study will help the patients to gain a positive attitude towards creative art therapy. The study would enhance the patients to actively involve in the activities. The study will help the patients to reduce the positive and negative symptoms and enhance the healthy life patterns. CONCEPTUAL FRAME WORK The concept is a thought, idea or mental image framed in mind on response to learning something new. A frame work is a basic structure supporting anything. Conceptual frame work deals with abstraction which is assembled by nature of their relevance to a common theme. (Christenson j Paula, 2002). A conceptual frame work is global ideas about the concept in relation to a specific discipline. Conceptual modes are made up of concepts which describe the mental image of phenomena and integrate them in to a meaningful configuration. It is a visual diagram by which the research explains the specific area of interest. One of the important purposes of conceptual frame work is to communicate clearly the relationship of various concepts. (Kerlinger K N, 2002). In this study the researcher adopted modified j w Kenny’s open system model (1991) as a basis for conceptual frame work. according to j w Kenny ,all living systems are open and their in continuous exchange of matter,energy and information,which result in various degree of interaction with the environment from which the system receives input and gives back output in the form of matter,energy and information. System model consists of three phases ie,input throughput and output. Input Based on j w Kenny input can be matter energy and information from the environment. In the present study, environment refers to hospital and input refers to positive and negative symptoms in experimental and control group of patients by using PANSS and collection of demographic data and clinical data from both the group. Throughput According to the theorist, the matter, energy and information is continuously processed through the system, which is also called complex, transformations known as throughput. Process is the use of input i.e. energy and information for the maintenance of homeostasis of the system in the present study. Process includes the providing creative art therapy to experimental group and no intervention to the control group. [[ Output J.W.Kenny noted after processing the input, the system returns to the output (matter, energy and information) to the environment in an altered state. Change is a feature of the process that is observable and measurable as output, which should be different from that which is entered in to the system. In the present study, output is difference in the positive and negative symptoms. Feedback According to the theorist, information of environmental responses to the system, output is utilized by the system in adjustment, correction and accommodation to the interaction with the environment. The effectiveness of Creative Art Therapy on reduction of positive and negative symptoms is considered as the difference observed and expected. 1

Student Teacher Relationships and Positive Interaction

Student Teacher Relationships and Positive Interaction Teachers who have positive interaction with their students create classroom environments more helpful to learning and meet students developmental, emotional and educational needs. Teaching is a people profession that demands a large amount of time being dedicated to personal interaction. Positive teacher-student interaction has a very crucial role for effective teaching and learning to take place (Arthur, Gordon, Butterfield, 2003). There are many important factors including productive Teaching and learning. Positive teacher-student interaction can be defined by shared acceptance, understanding, affection, intimacy, trust, respect, care and cooperation (Krause, Bochner, Duchesne, 2006). The Teacher Student relationship depends on very large extent upon effort from both parties although the teacher plays a key role and in fact, the responsibility, to initiate positive interaction. The teacher who is practical in representation, recognition, understanding, intimacy, expectation, respect, care and cooperation towards his or her students not only works at initiating positive teacher-student relationships, but also increases the likelihood of building strong rela tionships that will endure over time (Barry King, 1993). Teacher-student interaction is important for many reasons. Teacher student interaction is highly influence a students skill to change to University, to do well at University, and to relate to peers (Pianta, 1999). Teachers who had positive and secure relationships with students reported that their students were less likely to stay away from school, appeared more independent, more supportive, and busy in learning (Birch Ladd, 1997; Klem Connell, 2004). Teacher-student Interaction has an impact on classroom management and affects learning and growth. According to developmental perspective, the establishment of a positive teacher-student relationship aids a students cognitive, social and emotional growth and enhances their mental well-being (Brazelton Greenspan, 2000). The teacher-student relationships impact productively on a students self-esteem and enhance their skills. Student-Teacher interactions are very important for the development of the students academic self-concept and enhancing their enthusiasm and success. Colleges and universities that actively promote close and frequent contact between their students and faculty members are more likely to reap a host of benefits from such initiatives. Faculty members taking an interest in their students academic progress could potentially make significant contributions in increasing their intellectual and professional development (Anaya Cole, 2001; Chickering, 1969; Chickering Reisser, 1993; Cokley, 2000; Terenzini Pascarella, 1980). There is evidence that students successful in knowing even one faculty member closely are likely to feel more satisfied with their college life and aspire to go further in their careers (Rosenthal et al., 2000). Although most interactions with faculty tend to occur w ithin the formal classroom setting, students who experience informal interactions tend to be more motivated, engaged, and actively involved in the learning process (Thompson, 2001; Woodside, Wong, Weist, 1999). Informal interaction between students and faculty has been identified as a primary agent of college culture, and has an important influence on the attitudes, interests, and values of college students (Chickering Reisser, 1993; Lambert, Terinzini, Lattuca, 2007; Pascarella, 1980b; Pascarella Terenzini, 1991, 2005; Thompson, 2001). However, although previous research has established that student-faculty interactions are important, we still need to identify which aspects of student-faculty interactions are helpful and how these could significantly influence students to stay in college, increase their desire to work hard, stimulate them to enjoy learning, and encourage them to strive toward high achievement standards (Bean,1985). The current study addresses this gap in the li terature by examining eight specific types of student-faculty interactions as predictors of academic self-concept and three types of academic motivation, as well as academic achievement in a sample of college students from a medium-sized, public university located in the Midwestern United States. Interactions between students and faculty members are inevitable and personal connections that emerge through advisement and mentoring are highly valued (Light, 2001). In responding to several implicit, unspoken, and nonverbal cues, students are more likely to interact with faculty members perceived to be sociable, intelligent, showing leadership, supportive, and objective (Babad, Avni-Babad, Rosenthal, 2003; Furnham Chamorro-Premuzic, 2005). Faculty members allowing students to use their first names are perceived as higher in warmth, approachability, and respect in comparison to faculty members  who are addressed by formal titles (McDowell Westman, 2005). Student-faculty interactions can be formal or informal, occurring either inside or outside instructional settings, with both playing an important role in determining students academic success (Jacobi, 1991). The most frequent type of contact that students have with faculty members typically include situations in which they are asking for information about a course or visiting after class (Kuh Hu, 2001). Faculty-student interactions could  take on a more intense flavor in a tutorialstyle classroom, where a faculty member may meet with two students at a time for an hour, eventually interacting closely with about five such pairs of students per week (Smallwood, 2002). Such close, intense, interaction seems to enhance student learning and intellectual stimulation, with both students and faculty valuing the opportunity to know each other  at an informal and personal level. Cox and Orehovec (2007) identified four major types of student-faculty interactions with the most important, functional interaction, referring to academic-related interactions outside the classroom. The other three types include personal interactions about some personal issues unrelated to academics, incidental contact maintained by occasional greetings, and finally disengagement, where there is minimal interaction with the faculty mem ber inside the classroom and little or no  interpersonal exchange. Even though faculty members may not always be aware of it, their interactions  can have a far-reaching influence on their students. Faculty member-student relations are a strong motivator and indicator of learning (Christensen Menzel, 1998). In particular, Decker, Dona, and Christenson (2007) note that the student-faculty member relationship is more important in predicting  students social-emotional functioning than their academic performance. This implies that there is a support-seeking dimension in student-faculty member relationships that can be carefully nurtured to shape positive outcomes for students. Informal interactions with faculty members outside the classroom have been found to have an incremental effect on students motivation over and above the typical predictors of academic performance such as secondary school performance or academic aptitude (Pascarella Terinzini, 2005; Pascarella, Terenzini, Hibel, 1978). Informal discussions with faculty  members about intellectual issues are associated with increases in students aspirations to achieve at a higher level than would be predicted by pre-enrollment characteristics. Initial interactions with faculty members are also very influential in increasing the value placed on high academic achievement and in  compensating for the general student culture that does not typically value such achievement. Mentoring provided by faculty members as a sponsor, confidant, and protector seem to be relatively more important than even peer support, for students who are transitioning into college (Mann, 1992; Shore; 2003). Thus, faculty members seem to play an important role in the overall college experience for new and continuing students. Adolescents who model themselves after their teachers rather than their friends report higher levels of school adjustment (Ryan et al., 1994). Informal faculty-student contacts play a particularly crucial role during the first year in college because they allow students to integrate their academic and extracurricular experiences (Goodman Pascarella, 2006; Pascarell Terenzini, 1977; Pascarella Terenzini, 2005). Further, students reporting high and moderate levels of interactions with faculty members (relative to low interactions) rate their academic program as being more interesting, exciting, and enjoyable, as well  as more relevant and necessary for their career. Finally, substantive student-faculty interactions have been found to have a positive impact on students vocational preparation and intellectual development (Kuh Hu, 2001).These findings suggest that student-facultyinteractions have a multidimensional influence on the cognitive and emotional needs of students, thus val idating the importance of faculty members as role models. Some researchers have found that students who spoke more frequently with faculty outside class and received advice about their educational program reported significantly higher academic self-confidence (Plecha, 2002). This finding is congruent with Endo and Harpel (1982) and Astin (1999)s work showing that interacting frequently with faculty members is part of being academically engaged and students who are more involved do better in college. Similarly, Bjorkland, Parente, and Sathiyanathan (2002) note that students who are in more frequent contact with faculty members and receive more feedback on their performance show remarkable improvement in communicating in a group, competence in their specific field, awareness about their future occupation, and general problem-solving skills. Other reported benefits of such student-faculty relationships include greater satisfaction with academic life, lesser likelihood of dropping out, and feeling more intellectually driven (Hazler Carney, 1993). In support of Chickerings (1969) model, recent data suggest that students engaging in meaningful interactions with faculty members are more likely to have a sense of purpose and competence for succeeding in college (Martin, 2000). Further, students who perceive their faculty members to be caring and have positive informal interactions with them often report greater learning (Teven McCroskey, 1997) as well as satisfaction with college and enhanced intellectual and personal development (Lamport, 1993). When Pakistan was founded in 1947 as a result of the partition with India, the country had only one institution of higher education, the University of the Punjab. Over the next 20 years, many private and public schools and higher education institutions were established to help fuel the countrys socio-economic development. In the early 1970s, all of Pakistans educational institutions were nationalized under the government of Zulfikar Ali Bhutto, who was committed to the idea of Islamic Socialism. For the next decade, Pakistans entire system of education was state-run. However, the growing demand for higher education fast outpaced the establishment of new public universities. During that period, the system could accommodate only 25 percent of the high school graduates who applied to higher education institutions. The overcrowding prompted many wealthy Pakistanis to seek university degrees abroad in the United States, Great Britain and Australia, while others sought out private tutors at home or entered the job market without a degree. In 1979 a government commission reviewed the consequences of nationalization and concluded that in view of the poor participation rates at all levels of education, the public sector could no longer be the countrys sole provider of education. By the mid-1980s, private educational institutions were allowed to operate on the condition that they comply with government-recognized standards. Until 1991, there were only two recognized private universities in Pakistan: Aga Khan University established in 1983; and Lahore University of Management Sciences established in 1985. By 1997, however, there were 10 private universities and in 2001-2002, this number had doubled to 20. In 2003-2004 Pakistan had a total of 53 private degree granting institutions. The rapid expansion of private higher education is even more remarkable if we look at the number of institutions established on a year-by-year basis. In 1997, for instance, three private institutions were established; in 2001 eleven new private institutions were opened; and in 2002 a total of 29 private sector institutions sprung up. According to HEC, there are total 128 recognized Universites in Pakistan, 70 are public and 58 are private. PRIVATE VS. PUBLIC HIGHER EDUCATION While the quality of Pakistans private universities varies widely, they all share some common traits. Most of them have adopted the American model of higher education, which features a four-year bachelors degree and system of credits. Supporters of private higher education believe that non-government institutions can deliver higher quality education and do it far more efficiently than the public sector. They point to the fact that private schools rarely suffer the closures and class suspensions their public counterparts do, and that students enrolled at these schools are more apt to complete their degree programs on time. They also believe that private universities will introduce international standards of competence and accountability.

Cival War :: essays research papers

Abraham Lincoln and the Beginnings of Reconstruction Since the beginning of the nineteenth century, the rapidly growing white population and the equally increasing slave population had been heightening the conflict between slave-free Northern states and the slave-holding cotton belt South. Hopelessly divided over the issue of slavery, thirty-one million American citizens were in 1860 called upon to elect the sixteenth President of the United States of America. When the anti-slavery Republican Abraham Lincoln was elected on November 6, 1860, no fellow American could have even imagined what great burden would lay upon the highest office in the years to come.[1] Lincoln’s election was the ultimate trigger for eleven Southern states to withdraw from the Union and begin a desperate civil war that lasted for four years. Once it became clear the South could not win the war, the president was confronted with the question of Reconstruction, that is, to restore Federal authority and establish loyal free state governments in the occupied areas of the rebellious South. In the early phase of the war, Lincoln had favored a simple and rapid restoration of all areas conquered by Union armies. However, when Lincoln failed to restore the states’ old allegiances, he shifted his plan towards a much more radical proposal. By 1864, after the bloody campaigns of Gettysburg and Vicksburg have sacrificed the lives of tens of thousands men, Lincoln resolved that he would only allow slave states to reenter the Union if they supported both the abolishment of slavery and the establishment of black suffrage. In the months following Lincoln’s election, the country fell to pieces, beginning with South Carolina in December, 1860. Within four months, the states of Mississippi, Florida, Alabama, Georgia, Louisiana, Texas, Arkansas, North Carolina, Virginia and Tennessee had all seceded and formed the new Confederated State of America.[2] Was the secession of these states legal? Even more, was their secession constitutional? While the secessionists thought themselves to be fully within their constitutional rights, Lincoln persistently believed that â€Å"the

A Transient Citizen Essay -- American Citizenship Immigration Essays

A Transient Citizen "...1 hereby declare, on oath, that I absolutely and entirely renounce all allegiance and fidelity to any foreign prince or state of whom or which I have been a subject or citizen...." This is a clause from an oath I took on February 6, 2002—an ordinary day of no significance to most people, a climatic point in my life—it was the day I became a U.S. citizen. I did not attend the formal ceremony in the Los Angeles Convention Center, yet for me it did not matter; I was still just as excited, for this was the day I became a true American. There were many people from different cultures in the noisy office where I received my certificate, yet we were all filled with the same excitement—the potential of the American Dream and to be part of the greatest nation. It seemed that every time an employee came out they called someone else, as if I was not even there, and I started to worry. The fear of returning home without being a citizen of this nation started to cross my mind. Two hours passed and I was sitting in the same chair listening to the noise of the typewriters inside the offices. Then, as if time itself had stopped, it happened; they called me to the front window. It was as if I as walking to the doors of heaven. I recognized that it was not the end but rather a new beginning. It was the creation of a new person. The oath was simple; I had promised to support and defend the Constitution and laws of the United States of America against all enemies. I choked on the very words when I realized I had just taken an oath promising to bear arms even against the country of my birth. For so long I envisioned perfection as the day I would become a citizen of a country that I had learned to love. I realized ... ...goals aimed at success, having a stable job or owning a house, but it is now a long-term goal that seeks to find a stable point between two nations even if the nations themselves are not at peace. Now that I have gone through the process of applying for United States citizenship, I have taken the responsibility to choose between Mexico and The United States—between my roots and my future. I have taken an oath, not only before The Great American seal, but also and most importantly before God. I do not wish to question whether I regret becoming a citizen or not, for the only obstacle that is always holding us back is not being able to let go of the past. However, I cannot completely erase what I feel for Mexico, for I do not want to forget my heritage, mi cultura. I may be bound to the American flag and the U.S. Constitution, but I am still proud of being Mexican.

Milk †Nutrition Essay

Got Milk? â€Å"Milk is a white fluid secreted by the mammary glands of female mammals for the nourishment of their young, consisting of minute globules of fat suspended in a solution of casein, albumin, milk sugar, and inorganic salts† (milk). Humans have been consuming milk for thousands of years. As humans we usually consume milk beyond childhood getting it from our animal counterpart’s goats, sheep, and cattle, and using it as a food product. Nine out of ten of the milk consumed in the United States comes from cattle. There has been numerous debates on rather drinking milk is healthy for humans. Milk is present in numerous of humans all time favorite foods such as ice cream, yogurt, cheese, and butter, these products are known as dairy products. Milk comes in many different forms. For example: organic, conventional, homogenized, flavored, and non-dairy milk. Contrary to what many may think, there is no known difference between organic and raw milk. â€Å"Homogenization is a process that gives milk its rich, white color and smooth texture. Milk that has not been homogenized contains a layer of cream that rises to the top of a glass†. (Wokenfuss). Flavored milk is any milk with artificial flavoring including strawberry, chocolate, and vanilla flavored milks. Flavored milks contain more sugar and fat calories than unflavored milks, but it’s still contains the essential nutrients available in the milk. It was once said that â€Å"milk is one-stop shopping for nutrition†. Milk contains nearly all the nutrients that a growing child would need. It contains fats, carbohydrates, proteins, vitamins and minerals, all these nutrients are essential in not only growing children but human beings in general. Milk is known as being very rich in calcium. Numerous studies were conducted and it was shown that four out of five serving of foods rich in calcium such as milk, cheese, and other dairy products are needed to optimize peak bone mass during teenage years. â€Å"Calcium plays an important role in building stronger, denser bones early in life and keeping bones strong and healthy later in life. † It has been said that dairy foods rich in calcium could possibly increase the speed of weight loss and also reduce the amount of body fat. Milk also has a high quality in protein. Protein helps increase energy, and it also helps build and prepare muscle tissue. â€Å"Vitamins are organic substances essential for many life processes. Milk includes fat soluble vitamins A, D, E, and K†¦ Because milk is an important source of dietary vitamin A, fat reduced products which have lost vitamin A with the fat are required to supplement the product with vitamin A. † (Douglas). Many critics argue the fact that milk is more harmful to humans than helpful. Dairy products add to numerous health problems. Milk doesn’t possess iron of its own, so it’s possibly could harm a child’s ability to absorb iron. Iron makes up a large amount of proteins in the body. Having low amount of it could result in deficiency anemia. Large amounts of the American people are lactose intolerant, meaning they can’t consume large amounts of lactose which is highly present in milk. â€Å"Studies have suggested that some of the nutritional benefits of milk may be lost when a lactase-deficient [lactose intolerant] individual consumes milk. Not only does this person fail to receive the calories normally supplied by the undigested carbohydrates; resultant diarrhea may lead to loss of protein as well. † ( Oski). We all have heard the saying â€Å"Milk creates strong bones†. There have been numerous debates on whether the calcium in dairy products really does assist the bones. Statistics show that teenagers bone health is not contributed to the amount of consumed calcium, but the amount of physical activity they partaken in their earlier years. There also hasn’t been any evidence to support the claim that consuming dairy products on a daily basis can contribute to weight loss. Consuming milk also hasn’t proved to be to any assistance later in life. It has been proven that the consumption of milk does increase the risk of ovarian cancer. â€Å"Many researchers say dairy products are high in saturated fat and cholesterol and have been linked to numerous illnesses and diseases such as diabetes, prostate cancer, heart disease, various allergies and Crohn’s disease. † (Garcia). In conclusion, I believe that the consumption of milk is not an important factor in living a healthy and normal life. Large amounts of research and studies were conducted, and I’ve reviewed the pros and cons of milk and dairy products, and I conclude that there are more harmful after effects from drinking milk than beneficial for human beings.

Capital Asset Pricing Model and International Research Journal

internationalistic enquiry daybook of pay and frugals ISSN 1450-2887 essence 4 (2006) Euro diarys Publishing, Inc. 2006 http//www. eurojournals. com/finance. htm interrogation the Capital Asset set feign (CAPM) The Case of the Emerging Grecian Securities Market Grigoris Michailidis University of Macedonia, Economic and complaisant Sciences break of Applied in governing body subroutineing Thessaloniki, Greece netmail emailprotected gr Tel 00302310891889 Stavros Tsopoglou University of Macedonia, Economic and Social Sciences De sortment of Applied Informatics Thessaloniki, Greece E-mail emailprotected r Tel 00302310891889 Demetrios Papanastasiou University of Macedonia, Economic and Social Sciences Department of Applied Informatics Thessaloniki, Greece E-mail emailprotected gr Tel 00302310891878 Eleni Mariola Hagan School of Business, Iona College New Rochelle Abstract The word examines the Capital Asset Pricing Model (CAPM) for the Greek take grocery utilise eve ry(prenominal) week roue f every last(predicate)(a) outs from carbon companies listed on the summitital of Greece var. commuting for the menstruation of January 1998 to celestial latitude 2002.In ball club to transform aside the loaded-specific part of clears thitherby enhancing the clearcutness of the genus Beta presages, the securities where grouped into portfolios. The get downings of this term atomic number 18 non congestive of the theorys bumonic statement that noble up danger (genus Beta) is associated with eminent takes of amends. The shape does relieve, however, nimiety lessens and therefore lends funding to the additive structure of the CAPM equating. The CAPMs portent for the interfere is that it should equal zero point and the lurch should equal the superfluous buckle unders on the securities industry portfolio.The results of the topic refute the to a melloweder(prenominal) place meditation and offer present against the CAPM . The rills conducted to examine the non atmospherearity of the family amid growth and importants hurt the system that the evaluate backtrack- of import analogyship is linear. Addition for privately matchlessy, this paper analyzes whether the CAPM adequately captures essential de shapeinants of give backs including the rest international explore ledger of pay and economics event 4 (2006) partitioning of sprouts. The results demonst mark that remainder bump has no outcome on the pass judgment harvestings of portfolios.Tests may provide certainty against the CAPM but they do non of necessity constitute evidence in substitute of whatsoever substitute impersonate (JEL G11, G12, and G15). bring up words CAPM, capital of Greece sprout Ex pitch, portfolio returns, important, assay unor bootnted drift, filiations JEL Classification F23, G15 79 I. mental institution Investors and m nonp atomic number 18iltary investigateers hurt p tutelage substantial attention during the last few age to the new equity securities industrys that own up emerged round the world. This new interest has undoubtedly been spurred by the large, and in both(prenominal) casefuls extraordinary, returns offered by these securities industryplaces.Practitioners all over the world employment a plethora of exemplars in their portfolio infusion process and in their attempt to esteem the run a essay exposure to different assets. maven of the well-nigh important developments in modern detonator theory is the capital asset set fabric (CAPM) as authentic by Sharpe 1964, Lintner 1965 and Mossin 1966. CAPM suggests that high expect returns ar associated with high levels of risk. Simply stated, CAPM postulates that the expect return on an asset preceding(prenominal) the risk-free prescribe is linearly link up to the non-diversifiable risk as measured by the assets beta.Although the CAPM has been predominant in a posteriori me sh over the past 30 long meter and is the basis of modern portfolio theory, accumulating research has progressively cast doubt on its efficiency to explain the veridical movements of asset returns. The project of this article is to examine thoroughly if the CAPM holds admittedly in the capital food foodstuffplace of Greece. Tests be conducted for a result of five historic halt (1998-2002), which is characterized by intense return excitableness (covering historically high returns for the Greek old-hat market as well as signifi chiffoniert decrease in asset returns over the examined design).These market return characteristics derive it thinkable to have an confirmable investigating of the pricing baby-sit on differing financial conditions thus obtaining conclusions under falsifying stock return volatility. Existing financial lit on the Athens stock stand in is rather s layaboutty and it is the goal of this matter to widen the theoretical analysis of this marke t by using modern finance theory and to provide substance abuseful insights for prox analyses of this market. II. empirical appraisal of the archetype and competing studies of the stickers hardship 2. 1.Empirical appraisal of CAPM Since its induction in early 1960s, CAPM has been one of the roughly challenging topics in financial economics. nigh any manager who wants to undertake a project essential justify his finale partly based on CAPM. The modestness is that the model provides the means for a firm to calculate the return that its investors demand. This model was the canonical successful attempt to guide how to assess the risk of the cash f lows of a dominance investment project, to estimate the projects cost of capital and the expected prize of return that investors will demand if they argon to invest in the project.The model was developed to explain the differences in the risk aid crucifywise assets. According to the theory these differences argon due to diff erences in the jeopardy of the returns on the assets. The model states that the correct measure of the hazard of an asset is its beta and that the risk bounteousness per building block of riskiness is the corresponding across all assets. Given the risk free outrank and the beta of an asset, the CAPM predicts the expected risk premium for an asset. The theory itself has been criticized for more than 30 years and has created a great pedantician debate astir(predicate) its profit and rigourousness.In wide distributed, the experiential testing of CAPM has two broad purposes (Baily et al, 1998) (i) to test whether or non the theories should be jilted (ii) to provide information that can aid financial decisions. To accomplish (i) tests ar conducted which could potentially at least disavow the model. The model passes the test if it is non possible to reject the hypothesis that it is true. Methods of statistical analysis motivation to be applied in sight to draw reliable conclusions on whether the 80 transnational Research Journal of pay and economics Issue 4 (2006) model is supported by the selective information.To accomplish (ii) the trial-and- phantasm work uses the theory as a vehicle for organizing and interpreting the info without want ways of rejecting the theory. This kind of approach is lay down in the atomic number 18a of portfolio decision-making, in feature with regards to the selection of assets to the bought or sold. For example, investors ar discuss to buy or sell assets that harmonize to CAPM ar underpriced or overpriced. In this case empirical analysis is needed to approximate the assets, assess their riskiness, analyze them, and place them into their respective(prenominal) categories.A second illustration of the latter methodological analysis appears in corporate finance where the estimated beta coefficients are apply in assessing the riskiness of different investment projects. It is then possible to calculate hurd le rates that projects must satisfy if they are to be undertaken. This part of the paper focuses on tests of the CAPM since its introduction in the mid 1960s, and describes the results of competing studies that attempt to evaluate the usefulness of the capital asset pricing model (Jagannathan and McGrattan 1995). 2. 2.The classic support of the theory The model was developed in the early 1960s by Sharpe 1964, Lintner 1965 and Mossin 1966. In its simple form, the CAPM predicts that the expected return on an asset to a higher place the risk-free rate is linearly related to the non-diversifiable risk, which is measured by the assets beta. One of the earliest empirical studies that lay down accessory evidence for CAPM is that of char, Jensen and Scholes 1972. Using monthly return info and portfolios rather than unmarried stocks, Black et al tried whether the cross-sectional of expected returns is linear in beta.By unite securities into portfolios one can diversify internation al(p) close to of the firm-specific component of the returns, thereby enhancing the precision of the beta estimates and the expected rate of return of the portfolio securities. This approach mitigates the statistical problems that arise from blackguard errors in beta estimates. The pens found that the data are consistent with the presciences of the CAPM i. e. the relation amid the fair return and beta is real close to linear and that portfolios with high (low) betas have high (low) medium returns.An other(a) classic empirical t to each oneing that supports the theory is that of Fama and McBeth 1973 they examined whether there is a commanding linear relation between middling returns and beta. Moreover, the authors investigated whether the squared de landmarkine of beta and the volatility of asset returns can explain the oddment variation in just returns across assets that are non explained by beta alone. 2. 3. Challenges to the validity of the theory In the early 198 0s some(prenominal) studies suggested that there were deviations from the linear CAPM riskreturn trade-off due to other variables that collide with this tradeoff.The purpose of the above studies was to take in the components that CAPM was missing in explaining the risk-return trade-off and to ball club the variables that created those deviations. Banz 1981 tested the CAPM by checking whether the size of firms can explain the residual variation in average returns across assets that remain unexplained by the CAPMs beta. He challenged the CAPM by demonstrating that firm size does explain the cross sectional-variation in average returns on a particular collection of assets better than beta.The author solved that the average returns on stocks of gauzy firms (those with low market treasures of equity) were higher than the average returns on stocks of large firms (those with high market values of equity). This materializeing has capture known as the size effect. The research has been expanded by examining different sets of variables that indicator affect the riskreturn tradeoff. In particular, the earnings generate (Basu 1977), leverage, and the ratio of a firms book value of equity to its market value (e. g.Stattman 1980, Rosenberg, Reid and Lanstein 1983 and Chan, Hamao, Lakonishok 1991) have all been employ in testing the validity of CAPM. worldwide Research Journal of Finance and political economy Issue 4 (2006) 81 The general response to Banzs 1981 findings, that CAPM may be missing some aspects of reality, was to support the hitch that although the data may suggest deviations from CAPM, these deviations are non so important as to reject the theory. However, this idea has been challenged by Fama and cut 1992.They lay downed that Banzs findings might be economically so important that it raises serious questions about the validity of the CAPM. Fama and french 1992 use the same procedure as Fama and McBeth 1973 but arrived at very different co nclusions. Fama and McBeth find a imperative relation between return and risk tour Fama and French find no relation at all. 2. 4. The academic debate continues The Fama and French 1992 field has itself been criticized. In general the studies responding to the Fama and French challenge by and large take a adjacent look at the data apply in the direct.Kothari, Shaken and Sloan 1995 argue that Fama and Frenchs 1992 findings depend essentially on how the statistical findings are interpreted. Amihudm, Christensen and Mendelson 1992 and Black 1993 support the view that the data are similarly noisy to invalidate the CAPM. In point, they disposition that when a more efficient statistical method is apply, the estimated relation between average return and beta is positive and significant. Black 1993 suggests that the size effect noted by Banz 1981 could simply be a model period effect i. e. the size effect is ascertained in some periods and not in others.De enkindle the above criti cisms, the general reaction to the Fama and French 1992 findings has been to focus on alternative asset pricing models. Jagannathan and Wang 1993 argue that this may not be necessary. Instead they show that the lack of empirical support for the CAPM may be due to the inappropriateness of basal assumptions made to facilitate the empirical analysis. For example, well-nigh empirical tests of the CAPM assume that the return on broad stock market indices is a good proxy for the return on the market portfolio of all assets in the economy.However, these types of market indexes do not capture all assets in the economy such as human capital. Other empirical evidence on stock returns is based on the argument that the volatility of stock returns is continuously changing. When one considers a time-varying return distribution, one must refer to the qualified mean, variance, and covariance that change depending on currently obtainable information. In contrast, the usual estimates of return, variance, and average squared deviations over a sample period, provide an bland estimate because they treat variance as constant over time.The most widely used model to estimate the conditional (hence time- varying) variance of stocks and stock index returns is the generalised autoregressive conditional heteroscedacity (GARCH) model pioneered by Robert. F. Engle. To summarize, all the models above aim to improve the empirical testing of CAPM. There have alike been numerous modifications to the models and whether the earliest or the resultant alternative models validate or not the CAPM is yet to be determined. III. Sample selection and information 3. 1. Sample Selection The engage covers the period from January 1998 to December 2002.This time period was chosen because it is characterized by intense return volatility with historically high and low returns for the Greek stock market. The selected sample consists of snow stocks that are include in the formation of the FTSE/ASE 20, FTSE/ASE mid(prenominal) 40 and FTSE/ASE Small Cap. These indices are designed to provide real-time measures of the Athens Stock Exchange (ASE). The above indices are formed subject to the pursuit criteria (i) The FTSE/ASE 20 index is the large cap index, containing the 20 largest blue chip companies listed in the ASE. 82 International Research Journal of Finance and political economy Issue 4 (2006) ii) The FTSE/ASE Mid 40 index is the mid cap index and captures the cognitive operation of the next 40 companies in size. (iii) The FTSE/ASE Small Cap index is the small cap index and captures the performance of the next 80 companies. All securities include in the indices are traded on the ASE on a continuous basis end-to-end the full Athens stock replacement trading day, and are chosen harmonize to prespecified liquidity criteria set by the ASE consultive Committee1. For the purpose of the study, 100 stocks were selected from the pool of securities include in the above-mentioned indices.Each series consists of 260 observations of the weekly closing prices. The selection was made on the basis of the trading volume and excludes stocks that were traded on an irregular basis or had small trading volumes. 3. 2. Data Selection The study uses weekly stock returns from 100 companies listed on the Athens stock exchange for the period of January 1998 to December 2002. The data are obtained from MetaStock (Greek) Data Base. In parliamentary procedure to obtain better estimates of the value of the beta coefficient, the study utilizes weekly stock returns. Returns metrical using a all-night time period (e. g. onthly) might result in changes of beta over the examined period introducing biases in beta estimates. On the other hand, high frequency data such as daily observations covering a relatively short and stable time sweep up can result in the use of very noisy data and thus yield inefficient estimates. All stock returns used in the study are adjusted for dividend s as required by the CAPM. The ASE tangled Share index is used as a proxy for the market portfolio. This index is a market value weighted index, is comprised of the 60 most super capitalized shares of the main market, and reflects general trends of the Greek stock market.Furthermore, the 3-month Greek exchequer Bill is used as the proxy for the risk-free asset. The yields were obtained from the treasury Bonds and Bill Department of the National banking concern of Greece. The yield on the 3-month Treasury bill poster is specifically chosen as the benchmark that better reflects the short-term changes in the Greek financial markets. IV. Methodology The first stride was to estimate a beta coefficient for each stock using weekly returns during the period of January 1998 to December 2002. The beta was estimated by regressing each stocks weekly return against the market index fit in to the following equation Rit R ft = a i + ? ? ( Rmt R ft ) + eit (1) where, Rit is the return on stock i (i=1100), R ft is the rate of return on a risk-free asset, Rmt is the rate of return on the market index, ? i is the estimate of beta for the stock i , and eit is the corresponding random disturbance term in the regression equation. equating 1 could similarly be expressed using glut return notation, where ( Rit R ft ) = rit and ( Rmt Rft ) = rmt In spite of the fact that weekly returns were used to obviate short-term noise effects the bringing close together diagnostic tests for equation (1) indicated, in several(prenominal) occasions, departures from the linear assumption. www. ase. gr International Research Journal of Finance and Economics Issue 4 (2006) 83 In such cases, equation (1) was re-estimated providing for EGARCH (1,1) form to comfort with misspecification. The next step was to compute average portfolio tautological returns of stocks ( rpt ) coherent according to their beta coefficient computed by equality 1. Let, rpt = ?r i =1 k it k (2) where, k is the number of stocks include in each portfolio (k=110), p is the number of portfolios (p=110), rit is the spare return on stocks that form each portfolio comprised of k stocks each.This procedure generated 10 equally-weighted portfolios comprised of 10 stocks each. By forming portfolios the spread in betas across portfolios is maximized so that the effect of beta on return can be intelligibly examined. The most obvious way to form portfolios is to come out stocks into portfolios by the true beta. But, all that is available is observed beta. Ranking into portfolios by observed beta would introduce selection bias. Stocks with high-observed beta (in the highest group) would be more apparent to have a positive beat error in estimating beta.This would introduce a positive bias into beta for high-beta portfolios and would introduce a prohibit bias into an estimate of the interfere. (Elton and Gruber 1995, p. 333). unite securities into portfolios diversifies away most of the firm-spec ific part of returns thereby enhancing the precision of the estimates of beta and the expected rate of return on the portfolios on securities. This mitigates statistical problems that arise from amount error in the beta estimates. The following equation was used to estimate portfolio betas rpt = a p + ? p ? mt + e pt (3) where, rpt is the average excess portfolio return, ? p is the calculated portfolio beta. The study continues by estimating the ex-post Security Market railroad line (SML) by regressing the portfolio returns against the portfolio betas obtained by Equation 3. The relation examined is the following rP = ? 0 + ? 1 ? ? P + e P (4) where, rp is the average excess return on a portfolio p (the difference between the return on the portfolio and the return on a risk-free asset), ? p is an estimate of beta of the portfolio p , ?1 is the market price of risk, the risk premium for bearing one unit of beta risk, ? is the zero-beta rate, the expected return on an asset which ha s a beta of zero, and e p is random disturbance term in the regression equation. In order to test for nonlinearity between ingrained portfolio returns and betas, a regression was run on average portfolio returns, calculated portfolio beta, and beta-square from equation 3 2 rp = ? 0 + ? 1 ? ? p + ? 2 ? ? p + e p (5) in the end in order to examine whether the residual variance of stocks affects portfolio returns, an excess term was included in equation 5, to test for the informative power of nonsystematic risk 2 rp = ? + ? 1 ? ? p + ? 2 ? ? p + ? 3 ? RVp + e p (6) where 84 International Research Journal of Finance and Economics Issue 4 (2006) RV p is the residual variance of portfolio returns (Equation 3), RV p = ? 2 (e pt ) . The estimated parameters allow us to test a series of hypotheses regarding the CAPM. The tests are i) ? 3 = 0 or residual risk does not affect return, ii) ? 2 = 0 or there are no nonlinearities in the security market line, iii) ? 1 > 0 that is, there is a positive price of risk in the capital markets (Elton and Gruber 1995, p. 336).Finally, the above analysis was in like manner conducted for each year separately (1998-2002), by changing the portfolio compositions according to each year estimated betas. V. Empirical results and Interpretation of the findings The first part of the methodological analysis required the estimation of betas for individual stocks by using observations on rates of return for a sequence of dates. Useful remarks can be derived from the results of this procedure, for the assets used in this study. The ply of the estimated stock betas is between 0. 0984 the minimum and 1. 4369 the upper limit with a modular deviation of 0. 240 ( circumvent 1). or so of the beta coefficients for individual stocks are statistically significant at a 95% level and all estimated beta coefficients are statistical significant at a 90% level. For a more intact estimation of betas an EGARCH (1,1) model was used wheresoever it was necessary, in order to correct for nonlinearities. board 1 Stock beta coefficient estimates (Equation 1)Stock name beta Stock name beta Stock name OLYMP . 0984 THEMEL . 8302 PROOD EYKL . 4192 AIOLK . 8303 ALEK MPELA . 4238 AEGEK . 8305 EPATT MPTSK . 5526 AEEXA . 8339 SIDEN FOIN . 5643 SPYR . 8344 GEK GKOYT . 862 SARANT . 8400 ELYF PAPAK . 6318 ELTEX . 8422 MOYZK ABK . 6323 ELEXA . 8427 TITK MYTIL . 6526 MPENK . 8610 NIKAS FELXO . 6578 HRAKL . 8668 ETHENEX ABAX . 6874 PEIR . 8698 IATR TSIP . 6950 BIOXK . 8747 METK AAAK . 7047 ELMEK . 8830 ALPHA EEEK . 7097 LAMPSA . 8848 AKTOR ERMHS . 7291 MHXK . 8856 INTKA LAMDA . 7297 DK . 8904 MAIK OTE . 7309 FOLI . 9005 PETZ MARF . 7423 THELET . 9088 ETEM MRFKO . 7423 ATT . 9278 FINTO KORA . 7520 ARBA . 9302 ESXA RILK . 7682 KATS . 9333 BIOSK LYK . 7684 ALBIO . 9387 XATZK ELASK . 7808 XAKOR . 9502 KREKA NOTOS . 8126 SAR . 9533 ETE KARD . 8290 NAYP . 577 SANYO blood Metastock (Greek) Data Base and calculations (S-PLUS) beta . 9594 . 9606 . 9698 . 9806 . 9845 . 9890 . 9895 . 9917 . 9920 1. 0059 1. 0086 1. 0149 1. 0317 1. 0467 1. 0532 1. 0542 1. 0593 1. 0616 1. 0625 1. 0654 1. 0690 1. 0790 1. 0911 1. 1127 1. 1185 Stock name EMP NAOYK ELBE ROKKA SELMK DESIN ELBAL ESK TERNA KERK POYL EEGA KALSK GENAK FANKO PLATH STRIK EBZ ALLK GEBKA AXON RINTE KLONK ETMAK ALTEK beta 1. 1201 1. 1216 1. 1256 1. 1310 1. 1312 1. 1318 1. 1348 1. 1359 1. 1392 1. 1396 1. 1432 1. 1628 1. 1925 1. 1996 1. 2322 1. 2331 1. 2500 1. 2520 1. 2617 1. 2830 1. 3030 1. 3036 1. 3263 1. 3274 1. 4369The article argues that certain hypotheses can be tested irregardless of whether one believes in the validity of the simple CAPM or in any other version of the theory. Firstly, the theory indicates that higher risk (beta) is associated with a higher level of return. However, the results of the study do not International Research Journal of Finance and Economics Issue 4 (2006) 85 support this hypothesis. The beta coefficients of the 10 portfolios do not indicate that hig her beta portfolios are related with higher returns. Portfolio 10 for example, the highest beta portfolio ( ? = 1. 2024), yields negative portfolio returns.In contrast, portfolio 1, the lowest beta portfolio ( ? = 0. 5474) produces positive returns. These contradicting results can be partially explained by the significant fluctuations of stock returns over the period examined (Table 2). Table 2 second-rate excess portfolio returns and betas (Equation 3) rp beta (p) a10 . 0001 . 5474 b10 . 0000 . 7509 c10 -. 0007 . 9137 d10 -. 0004 . 9506 e10 -. 0008 . 9300 f10 -. 0009 . 9142 g10 -. 0006 1. 0602 h10 -. 0013 1. 1066 i10 -. 0004 1. 1293 j10 -. 0004 1. 2024 Average Rf . 0014 Average rm=(Rm-Rf) . 0001 Source Metastock (Greek) Data Base and calculations (S-PLUS) Portfolio Var.Error . 0012 . 0013 . 0014 . 0014 . 0009 . 0010 . 0012 . 0019 . 0020 . 0026 R2 . 4774 . 5335 . 5940 . 6054 . 7140 . 6997 . 6970 . 6057 . 6034 . 5691 In order to test the CAPM hypothesis, it is necessary to find the counterparts to the theoretical values that must be used in the CAPM equation. In this study the yield on the 3-month Greek Treasury Bill was used as an similarity of the risk-free rate. For the R m , the ASE Composite Share index is taken as the best approximation for the market portfolio. The elemental equation used was rP = ? 0 + ? 1 ? ? P + e P (Equation 4) where ? is the expected excess return on a zero beta portfolio and ? 1 is the market price of risk, the difference between the expected rate of return on the market and a zero beta portfolio. One way for allowing for the possibility that the CAPM does not hold true is to add an hold on in the estimation of the SML. The CAPM considers that the intercept is zero for every asset. Hence, a test can be constructed to examine this hypothesis. In order to diversify away most of the firm-specific part of returns, thereby enhancing the precision of the beta estimates, the securities were previously combine into portfolios.This app roach mitigates the statistical problems that arise from measurement errors in individual beta estimates. These portfolios were created for several reasons (i) the random influences on individual stocks run away to be larger compared to those on fitly constructed portfolios (hence, the intercept and beta are easier to estimate for portfolios) and (ii) the tests for the intercept are easier to implement for portfolios because by construction their estimated coefficients are less likely to be correlated with one some other than the shares of individual companies.The high value of the estimated correlational statistics coefficient between the intercept and the slope indicates that the model used explains excess returns (Table 3). 86 International Research Journal of Finance and Economics Issue 4 (2006) Table 3 Statistics of the estimation of the SML (Equation 4) Coefficient ? 0 take account . 0005 t-value (. 9011) p-value . 3939 counterpoise standard error . 0004 on 8 degrees of freedom Multiple R-Squared . 2968 F-statistic 3. 3760 on 1 and 8 degrees of freedom, the p-value is . 1034 Correlation of Coefficients 0 ,? 1 = . 9818 ? 1 -. 0011 (-1. 8375) . 1034However, the fact that the intercept has a value some zero weakens the above explanation. The results of this paper appear to be contradictory with the zero beta version of the CAPM because the intercept of the SML is not greater than the interest rate on risk free-bonds (Table 2 and 3). In the estimation of SML, the CAPMs prediction for ? 0 is that it should be equal to zero. The calculated value of the intercept is small (0. 0005) but it is not significantly different from zero (the tvalue is not greater than 2) Hence, based on the intercept criterion alone the CAPM hypothesis cannot distinctly be rejected.According to CAPM the SLM slope should equal the excess return on the market portfolio. The excess return on the market portfolio was 0. 0001 while the estimated SLM slope was 0. 0011. Hence, the latter result withal indicates that there is evidence against the CAPM (Table 2 and 3). In order to test for nonlinearity between total portfolio returns and betas, a regression was run between average portfolio returns, calculated portfolio betas, and the square of betas (Equation 5). Results show that the intercept (0. 0036) of the equation was greater than the risk-free interest rate (0. 014), ? 1 was negative and different from zero while ? 2 , the coefficient of the square beta was very small (0. 0041 with a t-value not greater than 2) and thus consistent with the hypothesis that the expected return-beta consanguinity is linear (Table 4). Table 4 interrogation for Non-linearity (Equation 5) Coefficient ? 0 Value . 0036 t-value (1. 7771) p-value 0. 1188 Residual standard error . 0003 on 7 degrees of freedom Multiple R-Squared . 4797 F-statistic 3. 2270 on 2 and 7 degrees of freedom, the p-value is . 1016 ? 1 -. 0084 (-1. 8013) 0. 1147 ? 2 . 0041 (1. 5686) 0. 1607According to the CAPM, expected returns vary across assets only because the assets betas are different. Hence, one way to investigate whether CAPM adequately captures all-important aspects of the risk-return tradeoff is to test whether other asset-specific characteristics can explain the crosssectional differences in average returns that cannot be attributed to cross-sectional differences in beta. To accomplish this projection the residual variance of portfolio returns was added as an additional explanatory variable (Equation 6). The coefficient of the residual variance of portfolio returns ? 3 is small and not statistically different from zero.It is therefore safe to conclude that residual risk has no affect on the expected return of a security. Thus, when portfolios are used instead of individual stocks, residual risk no longer appears to be important (Table 5). International Research Journal of Finance and Economics Issue 4 (2006) Table 5 Testing for Non-Systematic risk (Equation 6) Coeffi cient ? 0 ? 1 Value . 0017 -. 0043 t-value (. 5360) (-. 6182) p-value 0. 6113 0. 5591 Residual standard error . 0003 on 6 degrees of freedom Multiple R-Squared . 5302 F-statistic 2. 2570 on 3 and 6 degrees of freedom, the p-value is . 1821 ? 2 . 0015 (. 3381) 0. 7468 ? 3 . 3503 (. 8035) 0. 523 87 Since the analysis on the entire five-year period did not yield pie-eyed evidence in favor of the CAPM we examined whether a similar approach on yearly data would provide more supportive evidence. All models were tested separately for each of the five-year period and the results were statistically better for some years but still did not support the CAPM hypothesis (Tables 6, 7 and 8).Table 6 Statistics of the estimation SML (yearly series, Equation 4) 1998 1999 2000 2001 2002 Coefficient ? 0 ? 1 ? 0 ? 1 ? 0 ? 1 ? 0 ? 1 ? 0 ? 1 Value . 0053 . 0050 . 0115 . 0134 -. 0035 -. 0149 . 0000 -. 0057 -. 0017 -. 0088 t-value (3. 7665) (2. 231) (2. 8145) (4. 0237) (-1. 9045) (-9. 4186) (. 0025) (-2. 4 066) (-. 8452) (-5. 3642) Std. Error . 0014 . 0022 . 0041 . 0033 . 0019 . 0016 . 0024 . 0028 . 0020 . 0016 p-value . 0050 . 0569 . 2227 . 0038 . 0933 . 0000 . 9981 . 0427 . 4226 . 0007 Table 7 Testing for Non-linearity (yearly series, Equation 5) 1998 Coefficient ? 0 ? 1 ? 2 ? 0 ? 1 ? 2 ? 0 ? 1 ? 2 ? 0 ? 1 ? 2 ? 0 ? 1 ? 2 Value . 0035 . 0139 -. 0078 . 0030 -. 0193 . 0135 -. 0129 . 0036 -. 0083 . 0092 -. 0240 . 0083 -. 0077 . 0046 -. 0059 t-value (1. 7052) (1. 7905) (-1. 1965) (2. 1093) (-. 7909) (1. 3540) (-3. 5789) (. 5435) (-2. 8038) (1. 2724) (-1. 7688) (1. 3695) (-2. 9168) (. 139) (-2. 7438) Std. Error . 0020 . 0077 . 0065 . 0142 . 0243 . 0026 . 0036 . 0067 . 0030 . 0072 . 0136 . 0060 . 0026 . 0050 . 0022 p-value . 1319 . 1165 . 2705 . 0729 . 4549 . 0100 . 0090 . 6037 . 0264 . 2439 . 1202 . 2132 . 0224 . 3911 . 0288 1999 2000 2001 2002 88 International Research Journal of Finance and Economics Issue 4 (2006) Table 8 Testing for Non-Systematic risk (yearly series, Equation 6) 19 98 Coefficient ? 0 ? 1 ? 2 ? 3 ? 0 ? 1 ? 2 ? 3 ? 0 ? 1 ? 2 ? 3 ? 0 ? 1 ? 2 ? 3 ? 0 ? 1 ? 2 ? 3 Value . 0016 . 0096 -. 0037 3. 0751 . 0017 -. 0043 . 0015 . 3503 -. 0203 . 0199 -. 0185 2. 2673 . 0062 -. 0193 . 0053 1. 7024 -. 0049 . 000 -. 0026 -5. 1548 t-value (. 7266) (1. 2809) (-. 5703) (. 5862) (1. 4573) (-. 0168) (. 0201) (2. 2471) (-4. 6757) (2. 2305) (-3. 6545) (2. 2673) (. 6019) (-1. 0682) (. 5635) (. 4324) (-. 9507) (. 0054) (-. 4576) (-. 6265) Std. Error . 0022 . 0075 . 0065 1. 9615 . 0125 . 0211 . 0099 1. 4278 . 0043 . 0089 . 0051 . 9026 . 0103 . 0181 . 0094 3. 9369 . 0052 . 0089 . 0058 8. 2284 p-value . 4948 . 2475 . 5892 . 1680 . 1953 . 9846 . 9846 . 0657 . 0034 . 0106 . 0106 . 0639 . 5693 . 3265 . 5935 . 6805 . 3785 . 9959 . 6633 . 5541 1999 2000 2001 2002 VI. Concluding Remarks The article examined the validity of the CAPM for the Greek stock market.The study used weekly stock returns from 100 companies listed on the Athens stock exchange from January 1998 to December 2 002. The findings of the article are not supportive of the theorys basic hypothesis that higher risk (beta) is associated with a higher level of return. In order to diversify away most of the firm-specific part of returns thereby enhancing the precision of the beta estimates, the securities where unite into portfolios to mitigate the statistical problems that arise from measurement errors in individual beta estimates. The model does explain, however, excess returns.The results obtained lend support to the linear structure of the CAPM equation being a good explanation of security returns. The high value of the estimated correlation coefficient between the intercept and the slope indicates that the model used, explains excess returns. However, the fact that the intercept has a value around zero weakens the above explanation. The CAPMs prediction for the intercept is that it should be equal to zero and the slope should equal the excess returns on the market portfolio. The findings of t he study contradict the above hypothesis and indicate evidence against the CAPM.The comprehension of the square of the beta coefficient to test for nonlinearity in the relationship between returns and betas indicates that the findings are according to the hypothesis and the expected returnbeta relationship is linear. Additionally, the tests conducted to investigate whether the CAPM adequately captures all-important aspects of reality by including the residual variance of stocks indicates that the residual risk has no effect on the expected return on portfolios. The lack of inviolable evidence in favor of CAPM necessitated the study of yearly data to test the validity of the model.The findings from this approach provided better statistical results for some years but still did not support the CAPM hypothesis. The results of the tests conducted on data from the Athens stock exchange for the period of January 1998 to December 2002 do not appear to clearly reject the CAPM. This does no t mean that the data do not support CAPM. As Black 1972 points out these results can be explained in two ways. First, measurement and model specification errors arise due to the use of a proxy instead of the actual market International Research Journal of Finance and Economics Issue 4 (2006) 89 ortfolio. This error biases the regression line estimated slope towards zero and its estimated intercept away from zero. Second, if no risk-free asset exists, the CAPM does not predict an intercept of zero.